China needs to take power away from Hong Kong's tycoons and fix its property market, according to a widely followed economist.
Xie attributed the sky-high property price to the housing market being lead by local business leaders.
Although the Hong Kong authorities have changed housing policies several times, "in the end, they favor tycoons, giving the land to the tycoons," the economist asserted. "For ordinary people, you make an income about 5% of a financial guy and they think you should get 5% of an apartment, so they create something like a 'nano flat,'" he said, referring to tiny apartments in Hong Kong that can be the size of a parking space. "That is really crazy."
"The key is that the political structure here is neither the Singapore situation where the government is on top, nor like Taiwan it's a democracy and people can vote," said Xie,Hong Kong is "in between — just a bunch of business people calling the shots," he added."Every time, there's a disturbance in Hong Kong, Beijing goes to these business guys for advice; you know something's very wrong," said Xie.
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